The firm reiterated its “Outperform” rating on IR and lifted its price target range from $45-47 to $47-$49. That new range suggests up to a 14% upside to the stock’s Wednesday closing price of $43.01.

A Wells Fargo analyst commented, “IR is expected to report Q2 2012 on July 20, 2012, and we are maintaining our Q2 2012E $0.92, based on positive U.S. HVAC channel check (demand and pricing). We expect IR will modestly outperform both Q2 2012 guidance $0.85-0.90 and consensus $0.91 and at a minimum maintain 2012 guidance, which could be positive relative to other industrial stocks. We anticipate strong Q2 2012 U.S. HVAC will more than offset likely weaker industrial and mobile refrigeration trends.”

Continuing, “Our longer-term expectation for the potential stock double is based on 13-14x potential $5.50-6 in earnings power based on $20-22B revenue, 13.5-14% EBIT margins, and recently reduced share count.”